Tencent Music Entertainment, which operates China’s biggest music streaming platforms, ended the second quarter of 2022 with 82.7 million paying music users. Online music streaming subscribers paid RMB 2.11 billion (USD $315 million) for TME’s music streaming services including QQ Music, Kugou Music and Kuwo Music in the quarter to end of June.
Source: Tencent Music rakes in $315m from music streaming subs in Q2, adds 2.5m paying users
MetaSing, a ‘decentralized music platform,’ has revealed the completion of a $3 million seed round. In terms of the funding’s uses, MetaSing unveiled a far-reaching roadmap earlier this month, communicating therein that it intends to debut an app on the Play Store and the App Store (besides pursuing a “record label collaboration”) in Q4 2022 before launching a music NFT marketplace as well as a series of “in real life” concerts in 2023.
Source: MetaSing Raises $3MM, Plans ‘Fairer Redistribution’ For Artists
Hipgnosis Song Management has moved into asset-backed securities with a $222 million bond offering powered by catalog royalties. HSM’s arrival into the music-bond space – where the likes of KKR and Northleaf Capital Partners have debuted in recent months – came to light in a formal release and report from the Kroll Bond Rating Agency (KBRA).
Source: Hipgnosis Moves Into Asset-Backed Securities With $222MM Bond
Last month, Spotify published its Q2 results for the three months to end of June, and within its SEC filing, the company printed precisely what it paid for recent acquisitions Findaway, Podsights and Chartable, and Sonantic. This information, combined with disclosures in Spotify’s annual report for 2021, paints a clearer picture of Spotify’s acquisition spending specifically on companies in order to grow its podcast business.
Source: Spotify has spent $1.2bn+ on companies to scale its non-music business over the past 3 years
Hamburg’s ROBA Music Publishing and the AP Music Royalties Fund have announced their acquisition of GERIG, which execs say “consists of more than 20 owned and administered music publishers” as well as some 30,000 compositions and “thousands” of masters. Founded 53 years back, ROBA bills itself as “the best home for songwriters, repertoire owners and artists in the digital age,” with its website displaying publishing partners including Reservoir Media and Round Hill Music.
Source: ROBA Music Publishing Buys Germany’s GERIG In $10MM+ Deal
Since launching in November 2020, beatBread claims to have made advances to almost 400 artists and labels “across multiple genres, six continents, and a broad range of career stages.” BeatBread says that its ChordCash tech engine evaluates artists’ streaming and social data to generate advance offers which – when combined with a “streamlined” verification and documentation process – leads to advance funding landing in artists’ bank accounts within days.
Warner Music Group, helped by strong growth in its Warner Chappell Music publishing segment, improved its revenue 12.1% at constant currency (6.9% as reported) to $1.42 billion in the fiscal third quarter ended June 30, the company announced Tuesday (Aug. 9). Adjusted earnings before interest, taxes, amortization and depreciation decreased 7% to $263 million.
Source: Warner Music Posts $1.42B Revenue in Quarter Boosted By Publishing Growth
Reservoir Media posted a double-digit revenue hike during Q2 2022 as sync and digital turned in material year-over-year gains. Per the breakdown, the aforementioned $24.3 million in total revenue marks a 46 percent YoY boost when also factoring for income from acquisitions Reservoir’s made in the interim; the business is said to possess some 140,000 copyrights and 36,000 masters.
Source: Reservoir Media Posts 46% Q2 ’22 Revenue Jump As Sync Thrives
Music industry veterans Hank Forsyth and Dan McCarroll are teaming up with Carlyle Global Credit to launch a venture called Litmus Music. New York-based Litmus says that it will focus on acquiring and managing both publishing and recorded music rights, with Carlyle Global Credit committing an initial $500 million to do so.
Source: $500m-backed Litmus Music launches to buy publishing and recording rights
Source: Warner Bros. Discovery Weighs Free Ad-Supported Streaming Plan